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Insurance broker Marsh & McLennan (MMC) says it's paying $400M to settle a class-action bid-rigging suit, $205M of which is expected to be covered by insurance.

Better yet, who went to jail?

While Goldman CEO Lloyd Blankfein understands that "people are pissed off" with bankers, he says everybody should be happy: "Companies are looking to grow again and raise money. That's where we come in. The financial system may have led us into the crisis but it will lead us out."

As the song goes, "Don't Worry, Be Happy"

Harvard business professor Bill George pens a detailed response to the numerous responses to his provocative Tuesday piece, "Let's Stop Vilifying the Bankers."

Maybe the Harvard Professional Board member should go to University of Michigan. At least there he could experience the real life consequences by observing the fallout in the Automobile industry.
Oh yes professor, some call it managing by walking around. A little reality check on what the impacts of the fallout from the financial meltdown are in order.

So what are you going to lead or apologize????

Outlandish CEO Pay: How to Fix the Problem

First and foremost the companies directors and Chairman of the board should be held accountable for their fiduciary duty. If the SEC comes after a company, the board and c-level executives should be responsible for all fines. They were responsible and should be held accountable (Bank of America).
Right now directors are not held accountable for their actions.

Judge Jed Rakoff rejects Bank of America (BAC -1.7%) and the SEC's $33M settlement over allegations pertaining to $3.6B in bonuses paid just before BofA's merger with Merrill Lynch. America, we're going to get a trial.

How many times has the SEC "settled cases" out of court. The SEC main purpose is to hold Boards of Directors and Senior Management and investment banks accountable.
When you can pay a bribe, sorry fine, do not admit to culpability, and keep most of the gains then is the SEC strategy of settlements really working.
Three cheers for the judge in holding the SEC in this case accountable.

Wall Street's latest get rich quick scheme: Securitizing life insurance policies.

An interesting twist on Death Panels. Step right up and spin the wheel of death to get an early payout on you life insurance.
A great plot for Law and Order as a bond holder hires a hit man to get his bonds to pay out. Whoopee.

This is very similar to when companies bought policies where the company was the beneficiary on their employees. Maybe Wall Street should talk to WalMart about how it that idea worked out.

Needless to say the government better wonder about the Ethical issues here as well as the financial.

Citigroup: A Simple Analysis of a Terribly Complex Company

I wou8ldn't touch Citicorp with a ten foot pole. It has some of the worst customer service in a business where the customer makes or breaks.

I learned a long time ago you do better in well managed companies. In this banking environment it is very important to look at the management and how customers are treated. Big should not be looked at as better.

Your analysis is exactly what I would expect from a by the numbers fellow. However, their are banks that are better managed, with better numbers that will probably produce superior returns once the over-leveraged assets are worked out. Citicorp is a zombie hoping for a second life

Four Problems Undermining Future American Prosperity

And don't forget the failure of leadership to point the way, inspire people be ethical instead of legal.
Instead as workers, leaders look at us as replaceable washers.

Shares of AIG (AIG) have surged 53% in the last week, but Barron's Andrew Bary warns the stock's spectacular gains can't erase the fact that the company's likely to face continuing troubles.

Do you think it might be a pump and dump stategy in the making?

Shorts Running from the SEC?

What is really sad is the company ownership has almost turned over twice in two days.

Yesterday's 134,692,347 share volume was 99.59% of all shares.
Today's 130,678,636 share volume was 96.62% of all shares

For a two day turnover percentage of 196.21%.

Calling the SEC, Calling the SEC are you answering the phone?

[[AIG]] now up 64% to $22.14, helping to make financials the only S&P sector gaining today. Analysts expect the insurer to report a profit on Friday and it changes CEOs on Monday. A squeeze may be on.

Now that the hectic day is over, I looked up the outstanding shares on the May 10Q for the 1st quarter. I divided by 20 to account for the reverse split. So today's volume was 99.59% of the outstanding shares. 134,692,347/(2705,000,... or 134,693,347/135,250.000

And the bankers want to win back the public trust. Something does not smell right here but I guess the SEC will maintain they are clueless.

John Dugan, Controller of the U.S. Currency, Misses the Mark

And these are the folks that said it wa OK for credit card companies to ignore states consumer protection usury laws.

It is so nice to know the comptroller of the currency considers outlandish fees and 26% interest on credit cards as in the consumer interest.

Was the AIG Bailout a Goldman Bailout by Proxy?

While I agree with the thesis that this was a bailout of Goldman, it would also be fair to say it was a bailout for several European Banks also.

I don't know how much the international issues played in the discussions of the bailout. The bailout of AIG did effect London and the EC.

Where's the Derivatives Exposure?

I am a bit confused. If a derivative is a form of hedge or insurance, then why is 80% of the insurance written by 5 banks? It would seem to me that this is a heavy concentration of risk that go against the basic business principals of risk.

Three lunchtime reads: 1) Seven companies beating the odds 2) CIT Group’s ‘capital’: All talk, no trousers 3) Las Vegas as a lesson in basic economics

Lost Wages is hardly a good example of Macro Economic policy. Of course I expect the author has not lived through the single industry boom and bust cycle.

Interestingly enough he says all the Mexican Construction Workers left when construction died. What about all the American Construction Workers?